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Loan Documents Missing Signature

Mortgage Library: Ask a Mortgage Related Question: Answers: Loan Documents Missing Signature

Question:

What if title company did not have me sign (they missed having me sign) all the papers that needed to be signed that my husband did at closing? This was last July, the first part. They have realized this happened, that my signature was missed (I was unaware). They have recently contacted us, the title company is asking us now to sign the paper that was missed (Arm) in front of a notary. At this point where does this loan stand?

They also forgot to have me sign the three day rescission paper (I recently noticed that as I was looking through our documents trying to find the one they pointed out). We have recently found out that the mortgage person that we used, well...pretty much TOOK us. Our interest rate is extremely high and we also found out our pre-payment penalty is 14,500.00! Are we bound to this loan with signatures missing on the arm paper?

Help!

L

Tigard
Oregon

Answer:

Hello L,

Unfortunately, pre-payment penalties are near impossible to get around. Sometimes a lender will give you a "soft" pre-payment penalty which eliminates the penalty fee if you sell your home. You may also have the option to refinance with your current lender without penalty. It sounds like you may not want to work with your current lender and you may have recourse since they never had you sign your "right to rescind" document. This is a legal issue and you would have to consult an attorney. If you would like further information please feel free to contact me.

Best Regards,

S. M.


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